The Institute for New Economic Thinking (INET), launched with a $50 million pledge from George Soros to promote changes in economic theory and practice through conferences, grants and education initiatives has announced an academic partnership with the London School of Economics and Political Science (LSE), to create INET@LSE, a new program that will apply ideas from “complexity social science” to improve the design and effectiveness of economic policy. INET@LSE will also have a presence in central Europe through extensive collaborative links with Central European University (CEU) in Budapest.
“Complexity social science” holds that social systems such as economies, markets, and political institutions are networks of dynamically interacting, reflexive “agents” (e.g. consumers, companies, banks, regulators). Complexity theory has been successfully applied to study other phenomena ranging from managing epidemics to understanding weather patterns, the Internet, and the brain. The financial crisis dramatically showed the need for a deeper understanding of complex global markets and for more effective policy tools. INET@LSE will seek to further the understanding and the policy tools available through its work to expand the applicability of complexity social sciences to economics.
“Establishing partnerships with major academic institutions around the world is a key part of our strategy to extend INET’s vision globally and provide an infrastructure for scholars to more easily collaborate with each other to stimulate new economic thinking” said Dr. Robert Johnson, Executive Director of INET. “Establishing INET@LSE with its focus on applying the latest tools from complexity science, has the potential to deliver new insights into phenomena such as the recent crisis, and new ideas for making economies more robust and resilient.”
Based in the LSE Global Governance research centre, INET@LSE will bring together a management committee of senior LSE faculty, including Prof. Stuart Corbridge, Pro Director of the LSE, and external members including Dr. Robert Johnson, Executive Director of INET, and Professor John Shattuck, President and Rector of Central European University (CEU). Danny Quah, Professor of Economics at LSE and Co-Director at LSE Global Governance, will serve as INET@LSE’s Research Director alongside a soon-to-be-named Executive Director.
INET@LSE will also have a presence in central Europe through a collaborative partnership with Central European University (CEU) in Budapest. INET@LSE will host researchers from the LSE and CEU, visiting faculty, and policy practitioners. It will lead an active program of research, publishing, and engagement with the academic and policy communities. The collaborative partnership with CEU will involve faculty visits, jointly hosted conferences and workshops, and joint research efforts. CEU’s recently created Center for Network Science will be an important element of INET@LSE.
“Now more than ever we need innovative thinking for the policy challenges the world faces” said Sir Howard Davies, Director of the LSE. “The LSE has always been a pioneer in developing new approaches to the social sciences, and we are delighted to be partnering with INET and collaborating with CEU on this important new initiative.”
“Bringing CEU together with LSE to study the economic challenges of our time will combine the analytic power of our two institutions to examine problems caused by the global economic crisis. This will be a unique and far-reaching mission for a novel academic collaboration between INET, LSE and CEU” commented John Shattuck, President and Rector of Central European University.
About the Institute for New Economic Thinking:
Launched in October 2009 with a $50 million commitment from George Soros and driven by the global financial crisis, the Institute for New Economic Thinking (INET) is dedicated to empowering and supporting the next generation of economists and scholars in related fields through research grants, Task Force groups, academic partnerships, and conferences. INET embraces the professional responsibility to think beyond current paradigms. Ultimately, INET is committed to broadening and accelerating the development of innovative thinking that can lead to insights into and solutions for the great challenges of the 21st century and return economics to its core mission of guiding and protecting society. For more information please visit http://www.ineteconomics.org/
About The London School of Economics and Political Science:
The London School of Economics and Political Science (LSE) is one of the foremost social science universities in the world. Set up to improve society and to "understand the causes of things", LSE has always put engagement with the wider world at the heart of its mission. Its research and teaching span the full breadth of the social sciences, from economics, politics and law to sociology, anthropology, accounting and finance. Founded in 1895 by Beatrice and Sidney Webb, the School has an outstanding reputation for academic excellence. LSE has 16 Nobel prize winners. For more information please visit http://www2.lse.ac.uk/